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PLEASEE HELPP Crane & Co. sold goods with a market price of $123000 on April 1 . They accepted a note from Larkspur Inc. for

PLEASEE HELPP

image text in transcribed Crane \& Co. sold goods with a market price of $123000 on April 1 . They accepted a note from Larkspur Inc. for $123000 due in two /ears, with interest paid each year on April 1, bearing 8% interest. If 8% interest approximates the market rate of interest for this cransaction, what journal entry should be recorded to record the sale (ignore Cost of Goods sold) when the sale takes place? Debit Notes Receivable $123000, credit Sales Revenue $123000. Debit Notes Receivable $142680, credit Sales Revenue $142680. Debit Interest Receivable $9840, credit Interest Revenue $9840. Debit Interest Receivable $7380, credit Interest Revenue $7380. Crane \& Co. sold goods with a market price of $123000 on April 1 . They accepted a note from Larkspur Inc. for $123000 due in two /ears, with interest paid each year on April 1, bearing 8% interest. If 8% interest approximates the market rate of interest for this cransaction, what journal entry should be recorded to record the sale (ignore Cost of Goods sold) when the sale takes place? Debit Notes Receivable $123000, credit Sales Revenue $123000. Debit Notes Receivable $142680, credit Sales Revenue $142680. Debit Interest Receivable $9840, credit Interest Revenue $9840. Debit Interest Receivable $7380, credit Interest Revenue $7380

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